Evan Silva

Free Agency Update

Wow, Now That's Rich '13

The 2013 free agency period has slowed considerably since mid-March, giving us time to reflect fully upon signings that took place over the past three weeks. Let's take a look back at players whose recently-signed contracts don't match their on-field performance.

Not only did Williams receive the biggest annual average of this year's free-agent cornerback group, he got the most guaranteed money ($10.5 million). As Eric Decker, Brandon Lloyd, and Dez Bryant can all attest, Williams is a weak cover man. Pro Football Focus charted Williams as the No. 69 cornerback in football last season, and tied for 78th in pass coverage. Only four corners in the NFL allowed more touchdown passes. According to STATS ICE, Williams' 64.9 "burn rate" was second worst in this year's free-agency class (ahead of only still-unsigned Tracy Porter). No free-agent cornerback allowed more "burned yards" than Williams.

Williams played strictly right cornerback in Baltimore. In the NFC East, Dez Bryant, Pierre Garcon, and Hakeem Nicks all run the majority of their pass routes versus right corners. Assuming he's used at the same position in Philadelphia, that trio is going to love facing Williams twice a year.

Ravens GM Ozzie Newsome is arguably the best in the business at what he does. Newsome identified Ellerbe as a $5 million-per-year player and didn't budge. Dolphins GM Jeff Ireland, notorious for overpaying players because free agents don't want to play for his team, swooped in to pay Ellerbe $34.75 million over five seasons, with $14 million guaranteed. The $6.95 million annual average is nearly $2 million more per year than Newsome's evaluation of Ellerbe's worth.

Ellerbe, 6-foot-1 and 240 pounds, is a nice young player at 27 years old. He plays fast and physical and emerged last season as a productive inside blitzer, registering 4 1/2 sacks. But Ellerbe struggles mightily in pass coverage, has only been an every-down player for roughly half of one NFL season, and has never been to a Pro Bowl.

Ellerbe is now one of the eight highest paid inside linebackers in the league. He's making more money than far superior ILBs Navorro Bowman (49ers), Daryl Washington (Cardinals), and Derrick Johnson (Chiefs), each of whom received relatively recent contract extensions.

Matt Millen's final first-round pick with the Lions, Cherilus was benched repeatedly during his first four NFL seasons for missed assignments and penalties. Cherilus finally strung together the first 16-start campaign of his career in 2012, turning in a terrific season as a pass blocker and showing a mean streak in the running game.

But Cherilus turns 29 in June and has a worrisome history of knee issues, dating back to the 2009 season. He had his right knee scoped in April of 2010 and was placed on injured reserve with an injury to the same knee that December. Cherilus ultimately required microfracture surgery on his right knee. In February 2013, Cherilus underwent Regenokine therapy in Germany in an effort to cure the chronic knee woes. Regenokine incubates a person's blood, then reinjects it into the body.

Despite an inconsistent on-field track record and red flags on Cherilus' knee, the Colts signed him to a five-year, $34.5 million deal with $15.5 million guaranteed. With a $6.9 million annual average, the contract made Cherilus the NFL's second highest paid right tackle, behind only Dallas' Doug Free. (Free signed his deal after starting the previous season at left tackle.)

Walker's four-year contract is worth $17.5 million with $8.6 million guaranteed. In 2012, Walker dropped 11 passes across 19 games, including the playoffs. He only had 26 catches. Walker's "catch rate" of 54.2 percent was third worst in the NFL among tight ends with at least 40 targets, behind only Kellen Davis and Tony Scheffler. I've seen it written that Walker will create "matchup problems" for defenses, which is difficult to fathom because he's only 6-foot-0 and 242 pounds.

Walker is a good run blocker. He has a big name because he played on a Super Bowl team, but he's not a good receiver. The Titans already have blocking specialist Craig Stevens at tight end. If they fancy Walker capable of adding a pass-catching element to their tight end corps, GM Ruston Webster will almost certainly live to regret this signing.

Many free agents got paid more money, but no contract during the NFL signing period was as shocking as Erik Walden's. The Colts gave him $16 million over four seasons, with $8 million guaranteed.

Signed to book end Robert Mathis at rush linebacker -- replacing future Hall of Famer Dwight Freeney -- Walden has nine career sacks across 68 games. He's never had more than three sacks in a season. A 2008 sixth-round pick out of Middle Tennessee, Walden is now on his fifth NFL team in five years. The Packers are famously strong player evaluators and showed little or no interest in re-signing Walden.

Walden will turn 28 before the season. Pro Football Focus graded him as the single-worst 3-4 outside linebacker in terms of pass rush last year. (Connor Barwin was second worst.) Walden was benched in Green Bay for poor run defense. He was also suspended one game in 2012 for violating the NFL's Conduct Policy. Perhaps the Colts know something nobody else does?

Signed to a six-year, $36 million contract by Philadelphia, Barwin managed three sacks across 18 starts in Houston last season, including the playoffs. Dating back to 2011, Barwin has three sacks over his last 21 games.

On tape, it is evident that Barwin lacks threatening edge speed. He's "just a guy." The Eagles have publicly attributed Barwin's poor Texans production to the manner in which Wade Phillips used him. In all likelihood, Philly is going to be sorry if its thinks Barwin will spark the pass rush.

The good news is Barwin only received $8 million in guaranteed money. It's a backloaded deal that becomes year to year after 2014. The Eagles are still locked into paying Barwin $8 million over the next two seasons.

The 2013 free agency period has slowed considerably since mid-March, giving us time to reflect fully upon signings that took place over the past three weeks. Let's take a look back at players whose recently-signed contracts don't match their on-field performance.

Not only did Williams receive the biggest annual average of this year's free-agent cornerback group, he got the most guaranteed money ($10.5 million). As Eric Decker, Brandon Lloyd, and Dez Bryant can all attest, Williams is a weak cover man. Pro Football Focus charted Williams as the No. 69 cornerback in football last season, and tied for 78th in pass coverage. Only four corners in the NFL allowed more touchdown passes. According to STATS ICE, Williams' 64.9 "burn rate" was second worst in this year's free-agency class (ahead of only still-unsigned Tracy Porter). No free-agent cornerback allowed more "burned yards" than Williams.

Williams played strictly right cornerback in Baltimore. In the NFC East, Dez Bryant, Pierre Garcon, and Hakeem Nicks all run the majority of their pass routes versus right corners. Assuming he's used at the same position in Philadelphia, that trio is going to love facing Williams twice a year.

Ravens GM Ozzie Newsome is arguably the best in the business at what he does. Newsome identified Ellerbe as a $5 million-per-year player and didn't budge. Dolphins GM Jeff Ireland, notorious for overpaying players because free agents don't want to play for his team, swooped in to pay Ellerbe $34.75 million over five seasons, with $14 million guaranteed. The $6.95 million annual average is nearly $2 million more per year than Newsome's evaluation of Ellerbe's worth.

Ellerbe, 6-foot-1 and 240 pounds, is a nice young player at 27 years old. He plays fast and physical and emerged last season as a productive inside blitzer, registering 4 1/2 sacks. But Ellerbe struggles mightily in pass coverage, has only been an every-down player for roughly half of one NFL season, and has never been to a Pro Bowl.

Ellerbe is now one of the eight highest paid inside linebackers in the league. He's making more money than far superior ILBs Navorro Bowman (49ers), Daryl Washington (Cardinals), and Derrick Johnson (Chiefs), each of whom received relatively recent contract extensions.

Matt Millen's final first-round pick with the Lions, Cherilus was benched repeatedly during his first four NFL seasons for missed assignments and penalties. Cherilus finally strung together the first 16-start campaign of his career in 2012, turning in a terrific season as a pass blocker and showing a mean streak in the running game.

But Cherilus turns 29 in June and has a worrisome history of knee issues, dating back to the 2009 season. He had his right knee scoped in April of 2010 and was placed on injured reserve with an injury to the same knee that December. Cherilus ultimately required microfracture surgery on his right knee. In February 2013, Cherilus underwent Regenokine therapy in Germany in an effort to cure the chronic knee woes. Regenokine incubates a person's blood, then reinjects it into the body.

Despite an inconsistent on-field track record and red flags on Cherilus' knee, the Colts signed him to a five-year, $34.5 million deal with $15.5 million guaranteed. With a $6.9 million annual average, the contract made Cherilus the NFL's second highest paid right tackle, behind only Dallas' Doug Free. (Free signed his deal after starting the previous season at left tackle.)

Walker's four-year contract is worth $17.5 million with $8.6 million guaranteed. In 2012, Walker dropped 11 passes across 19 games, including the playoffs. He only had 26 catches. Walker's "catch rate" of 54.2 percent was third worst in the NFL among tight ends with at least 40 targets, behind only Kellen Davis and Tony Scheffler. I've seen it written that Walker will create "matchup problems" for defenses, which is difficult to fathom because he's only 6-foot-0 and 242 pounds.

Walker is a good run blocker. He has a big name because he played on a Super Bowl team, but he's not a good receiver. The Titans already have blocking specialist Craig Stevens at tight end. If they fancy Walker capable of adding a pass-catching element to their tight end corps, GM Ruston Webster will almost certainly live to regret this signing.

Many free agents got paid more money, but no contract during the NFL signing period was as shocking as Erik Walden's. The Colts gave him $16 million over four seasons, with $8 million guaranteed.

Signed to book end Robert Mathis at rush linebacker -- replacing future Hall of Famer Dwight Freeney -- Walden has nine career sacks across 68 games. He's never had more than three sacks in a season. A 2008 sixth-round pick out of Middle Tennessee, Walden is now on his fifth NFL team in five years. The Packers are famously strong player evaluators and showed little or no interest in re-signing Walden.

Walden will turn 28 before the season. Pro Football Focus graded him as the single-worst 3-4 outside linebacker in terms of pass rush last year. (Connor Barwin was second worst.) Walden was benched in Green Bay for poor run defense. He was also suspended one game in 2012 for violating the NFL's Conduct Policy. Perhaps the Colts know something nobody else does?

Signed to a six-year, $36 million contract by Philadelphia, Barwin managed three sacks across 18 starts in Houston last season, including the playoffs. Dating back to 2011, Barwin has three sacks over his last 21 games.

On tape, it is evident that Barwin lacks threatening edge speed. He's "just a guy." The Eagles have publicly attributed Barwin's poor Texans production to the manner in which Wade Phillips used him. In all likelihood, Philly is going to be sorry if its thinks Barwin will spark the pass rush.

The good news is Barwin only received $8 million in guaranteed money. It's a backloaded deal that becomes year to year after 2014. The Eagles are still locked into paying Barwin $8 million over the next two seasons.

Tennessee signed Greene to a three-year, $10 million contract with $4.5 million guaranteed, including a $2.5 million signing bonus. While it's clear that Greene is going to be a backup in Nashville, it's just as clear the team overpaid. There are free agent running backs still out there who can do the same things Greene can. Several late-round draft prospects would be even better.

Despite playing behind a 2012 Jets offensive line that Football Outsiders graded fifth best in run blocking, Greene averaged a career-worst 3.85 yards per carry. Greene, going on age 28, is a plodding runner who lacks vision and passing-game chops. He is not going to help the Titans.

Atlanta handed Baker a six-year, $41.1 million contract with $18.25 million guaranteed and a $10 million signing bonus. The guaranteed money is more than the Rams gave Jake Long ($16 million), and Baker's $6.85 million annual average puts him ahead of superior NFL left tackles Andrew Whitworth (Bengals) and Joe Staley (49ers).

Baker is a stocky, short-armed tackle with a history of durability concerns and mediocre-at-best performance. Late in the 2012 season, at least one NFL personnel man described Baker as a "below-average starter." As recently as December of 2011, Baker lost his starting left tackle job to journeyman Will Svitek. Having undergone at least three known back surgeries in his career, Baker has started only 57-of-80 possible games since his 2008 rookie season. In 2012, Baker graded out as Pro Football Focus' No. 27 offensive tackle. He ranked 62nd as a run blocker.

Jennings' five-year deal with Minnesota has a $45 million base value, $17.8 million of which is guaranteed. He received a $10 million signing bonus. With a per-year average of $9 million, the deal made Jennings the tenth highest paid wide receiver in the league.

The Vikings, admittedly, were in a difficult spot after trading Percy Harvin. GM Rick Spielman probably knew he'd have to overpay for Jennings, and he proceeded to do just that.

Jennings is entering his age-30 season and no longer possesses the field-stretching vertical speed he once did. He'll play "Z" receiver in Minnesota's offense, aligning on the strong side of the formation and sometimes in the slot. More concerning than Jennings' age, lofty pricetag, and slowly declining on-field skills is his durability.

Knee and recurring groin injuries have cost Jennings 11 games over the past two years. He underwent surgery to repair a rectus abdominal tear last November 1, after missing two weeks of 2012 training camp due to a concussion. Jennings definitely has game left -- he led the Packers in catches, yards, and touchdowns over Green Bay's final four games -- but it's pretty unlikely that Jennings' on-field impact and production in Minnesota will measure up to the contract he signed.

Coming off a career-best season in his one-year stint with the Raiders, Wheeler received a five-year, $26 million payday from Miami, with a $7 million signing bonus. Like virtually all of the Dolphins' 2013 free-agent contracts, the first two years of Wheeler's contract are fully guaranteed.

28 years old, Wheeler is an athletic linebacker with range but has always struggled versus the run. At 6-foot-2 and 240 pounds, it's difficult to imagine Wheeler giving Aaron Hernandez or Rob Gronkowski trouble in pass coverage. Wheeler is a fine player, but how much impact will he really have? And how big of an upgrade is he on the guy he's replacing, Kevin Burnett? Pro Football Focus graded Burnett as the NFL's fourth-best 4-3 outside linebacker in 2012. Wheeler was sixth.

Nevertheless, Wheeler's $5.2 million annual average makes him the eighth highest paid 4-3 outside linebacker in the league.

Bad GMs like Marty Hurney, Gene Smith, Tim Ruskell, and Jeff Ireland pay big money to 4-3 linebackers. Good GMs like John Schneider and Les Snead find them in the second and third waves of free agency, or in the middle to late rounds of the draft.

Despite back-to-back years of declining performance, the Rams signed Long to a four-year, $34 million contract with $16 million guaranteed. Though there's little on 2011 or 2012 game tape that suggests Long deserves that much money, he doesn't rank particularly high on the Most Overpaid Free Agents list because St. Louis structured Long's contract smartly. The Rams built a ton of team-protective language into the deal.

Only the first year of Long's contract is fully guaranteed. If Long lands on injured reserve in his first season with the Rams, his $8 million guarantee for 2014 drops to $4 million. St. Louis can revisit the deal again by March of 2015, and cut ties with the contract free of further payment if Long disappoints on the field or gets injured.

The Rams gave Long a small $5 million signing bonus, so they won't be on the hook for large amounts of salary-cap proration ("dead money") if they cut the cord on Long at any point. The $8.5 million annual average does make Long the NFL's seventh highest paid left tackle, which is more than his recent play is worth. But he'll only collect the large majority of the money if he stays healthy and plays well.

Levitre is a good football player and will help the Titans at a needy position, but they paid an awful lot to get him. Levitre's six-year contract averages $7.8 million annually with a $10.5 million signing bonus. The market's other top young free-agent guards -- Louis Vasquez (Broncos) and Donald Thomas (Colts) -- were far better values at $5.875 million and $3.5 million, respectively.

The Titans are essentially paying Levitre left tackle money. Indeed, he's making more per season than Tennessee's own left tackle, Michael Roos. (Perhaps Roos should request a raise.) Levitre has never been to a Pro Bowl and goes 6-foot-2, 303 -- small for a guard. Here's hoping he doesn't get physically manhandled in the AFC South.

Hartline's five-year, $30.775 million contract contains $12.5 million guaranteed with a $7 million signing bonus. The annual average is $6.155 million, while superior playmakers Wes Welker and Danny Amendola settled for $6 million and $5.7 million per year, respectively. Hartline gets $7.715 million in the first season, and his 2014 base salary of $4.785 million is fully guaranteed, as well.

Hartline posted career highs in catches (74) and yards (1,083) as Ryan Tannehill's No. 1 receiver last season, but isn't quite an ascending player. While Hartline runs solid routes, he's not a smooth separator and lacks playmaking ability. He scored all of one touchdown in his "breakout" year.

Re-signing Hartline and bringing in Mike Wallace and Brandon Gibson cost GM Jeff Ireland a combined $46.25 million in guarantees. Hartline is a mid-range to low-end No. 2 possession receiver. Gibson is just a guy. Wallace undoubtedly gives Miami's offense a new dimension and got paid market value, but the Fins probably wouldn't have been any worse off letting Hartline walk.

DeVito is scheduled to receive $12.6 million over three seasons, with $6.2 million guaranteed. The Chiefs gave him a $4.2 million signing bonus. DeVito is a strong run-stopping 3-4 lineman, but he's a thoroughly one-dimensional, early-down end with 2 1/2 sacks across 82 career games.

Kansas City ranked a lowly 27th in run defense last year, also permitting the NFL's eighth highest yards-per-carry average (4.50). So the Chiefs can definitely use a player like DeVito. They just paid a surprisingly handsome sum to get him.

The Colts gave a four-year, $22 million contract to an undersized (6'3/295) defensive lineman who's never played more than 300 snaps in a season. Jean-Francois was a solid utility player in San Francisco, but he's not big enough to man the nose full time and offers next to nothing as a pass rusher (three career sacks in 51 games).

The good news is Jean-Francois only received $5.5 million in guaranteed money, none of it extending beyond the first year. The contract is essentially a one-year, $6.5 million commitment. GM Ryan Grigson will decide whether Jean-Francois is worth his scheduled $4.5 million non-guaranteed base salary next offseason, and could get out of the deal free of cost.